NCB to exit remittance business

National Commercial Bank (NCB) Jamaica has decided to exit the remittance business to mitigate against the risk of money laundering, financing of terrorism and lottery scam activities.

As a result, the Bank said that by mutual agreement, effective January 22 it will be cancelling its existing agent relationship with MoneyGram Services for NCB Remittance Services (UK) Limited, and March 31 for NCB Remittances Services (Jamaica) Limited.

In a release today, NCB said the decision was made because its continued provision of remittance services has negatively impacted the global risks facing the group.

“This decision was taken after further review of our business models across the NCB group as we aim to ensure that we employ a solid corporate governance structure and operate within a robust compliance framework,” the release said.

It added that the move will also affect the operations of NCB Remittance Services (UK) Limited as effective January 22 the company will cease all other forms of remittances, except for the remittance of pension payments.

“We thank our customers for their business and anticipate that they will appreciate and support the action taken,” NCB said.